Navy Federal No Doc Business Loans: Do They Exist?
Navy Federal Credit Union unsecured business loans isn't available on Finder right now.
- Min. Amount
- $2,500
- Max. Amount
- $25,000
- APR
- 11% to 18%
Our verdict
Is Navy Federal Credit Union right for your business? Pros, cons, no-doc loans and key details
Navy Federal Credit Union offers many tools and resources for business owners who are also military service members, veterans or their family members. It offers loans, lines of credit and access to a network of professionals to help you grow your business. However, borrowers may want to spend time researching customer reviews before getting a loan with Navy Federal Credit Union because of its inconsistent reputation with customer service quality.
Best for: Military service members, veterans or their family members who need funding to grow their business.
Pros
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Offers several financing options for businesses
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Some loans are available for purchases or refinancing
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Access to a network of advisors, including accountants, insurance agents, etc.
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24/7 account servicing
Cons
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Must have a business membership to apply
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No preapproval
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Limited physical branch locations
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Lines of credit require an origination fee and an annual fee
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Mixed customer reviews
Does Navy Federal Credit Union offer no-doc loans?
No. A “no-doc” loan is a type of small business loan that requires little to no documentation from borrowers, such as financial statements or tax returns, for approval.
There is a trend of online gurus claiming that Navy Federal Credit Union offers no-doc business loans. However, we’ve confirmed with a customer service representative at the company that it requires you to submit traditional paperwork during the application process.
If you’re looking for a no-doc loan, search our no-doc business loans guide.
What makes Navy Federal Credit Union business loans shine?
Navy Federal Credit Union stands out because it offers business loans specifically to military service members, veterans and their families. Navy Federal Credit Union offers multiple financing options for small businesses, including real estate loans, lines of credit, term loans and vehicle loans.
As a business member, you get access to a network of accountants, attorneys, insurance agents and other professionals to help grow your business.
Where Navy Federal Credit Union falls short
Navy Federal’s biggest drawback is its contradictory customer reviews. In the past three years, nearly 2,000 complaints have been reported to the Better Business Bureau (BBB). It’s also only an option for military members, veterans and their families.
Plus, this lender has a much longer turnaround time for loan approval than some other lenders, with up to five business days for approval. Borrowers may want to look for lenders with a more consistent track record of customer reviews.
Navy Federal Credit Union business loan details
Commercial Real Estate Loans
| Minimum credit score/credit range | N/A |
| APR | N/A |
| Loan amounts | Up to 80% for owner-occupied purchase or refinance, up to 75% for investment, up to 65% for property renovations. |
| Terms | 5 to 20 years |
| Approval turnaround | Up to 5 business days |
| Availability | Available in all states |
| Fees |
|
| Other fees |
|
Secured Term Loans
| Minimum credit score/credit range | N/A |
| APR | N/A |
| Loan amounts | $10,000 to $50,000 |
| Terms | Varies |
| Approval turnaround | N/A |
| Availability | Available in all states |
| Fees | $150 origination fee |
| Other fees | N/A |
Business Lines of Credit
| Minimum credit score/credit range | N/A |
| APR | 17.9% |
| Loan amounts | Starting at $10,000 |
| Terms | Varies |
| Approval turnaround | 7 to 10 usiness days |
| Availability | Available in all states |
| Fees |
|
| Other fees | $325 annual fee for equity up to $100,000 |
How to qualify for Navy Federal Credit Union business loans
Navy Federal Credit Union only lists general requirements that apply to all types of funding:
- Business tax returns under existing ownership
- Personal guarantee
- Personal credit check
The qualifications you need vary based on the type of funding you apply for and likely include more than the list above.
How to apply
- Get a business membership with Navy Federal.
- Follow instructions for your particular loan type, and submit an online or print application.
- Receive an update within up to five days.
- Accept your loan offer.
How Navy Federal Credit Union compares to other lenders
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Navy Federal Credit Union reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | N/A |
| BBB customer reviews | 1.22 out of 5 stars, based on 339 customer reviews |
| BBB customer complaints | 886 customer complaints |
| Trustpilot Score | 4.5 out of 5 stars, based on 30,768 customer reviews |
| Customer reviews verified as of | 14 July 2024 |
While both are reputable sources, there is a clear contradiction between reviews on Trustpilot and the BBB. Customers on Trustpilot report positive experiences with an easy application process and helpful customer service.
However, over 900 complaints have been filed on BBB in the past 12 months alone. Customers report poor experiences with customer service. Several complaints mention that Navy Federal Credit Union is not helpful when faced with situations like fraudulent transactions. It’s important to note that these reviews are for Navy Federal Credit Union as a whole and not just its business loan offerings.
Is Navy Federal Credit Union business loans legit?
Navy Federal Credit Union has been serving members of the Armed Services, veterans and their family members since 1933. It offers full-service banking, including credit cards, checking accounts, savings accounts and business loans. Although it has mixed reviews, Navy Federal Credit Union has decent resources to consider for financing your business needs if you meet its qualifications.
Frequently asked questions
Does Navy Federal offer other types of loans?
Yes, Navy Federal also offers personal loans, auto loans, mortgages, home equity financing and student loans.
How can I become a business member?
You can visit the Become a Business Member page and follow four steps to join.
Can I apply for a loan greater than $50,000?
You can speak to a lending representative who can explain the application process and requirements for loans over $50,000.
Will Navy Federal Credit Union check my personal credit for a business loan?
Yes, Navy Federal Credit Union considers your personal credit score during its decision process.
Your reviews
Gabriel Finder
Writer
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